It is important to understand that a will and a trust are two separate and distinct legal documents with different purposes and purposes. However, they can be part of the same estate plan and work together. Many of our clients ask us if a trust takes precedence over a will. Our simple answer is that trust (specifically a revocable trust) is established during the lifetime of the Settor and takes effect immediately upon execution by the Setttlor. Trusts are effective before the death of the deceased, while a will is effective only after the death of the deceased. Therefore, the trust precedes when there is a conflict between a will and a trust. When properly engaged and drafted, a trust deed offers several advantages through an experienced and specialized lawyer. With a trust, for example, you can decide how your assets will be distributed before or after your death. It allows you to significantly and legally reduce applicable taxes such as donation taxes. In addition, you can usually protect your assets and appoint a trusted person (a trustee or trustee) to manage your investments for you and according to the instructions set out in your faith. In other words, a trust can benefit you in many different but effective ways.
Estate planning involves planning, organizing and organizing the distribution of assets (also known as “assets”) at the time of death or in the event of an event. In other words, estate planning is all about deciding ahead of time and determining what part of your property you give away and to whom. Of course, estate planning must be thought of as a whole so that the client can get the most out of their property while legally reducing the amount of taxes, legal fees and court costs. Often, our clients are confused about the probate process, its purpose, and why it is still necessary when someone dies with a will. Probate refers to legal proceedings initiated after the death of a person who made a will. The purpose of probate proceedings is to obtain confirmation from a court that the deceased`s will is valid and properly executed and certifies that the deceased was competent in his decision to distribute his property to certain persons. In addition to establishing the validity of the will, the probate process confirms that the designated executor is authorized to act as executor. Our firm provides legal representation in all areas of immigration, consumer advocacy, debt collection harassment, business creation, business sale, bankruptcy, commercial disputes, and consumer and commercial real estate transactions. At Morgan Legal Group PC, our focus is tailored to the specific needs and desires of each client. Our team of qualified professionals can handle complex legal issues and prides themselves on providing high-quality, personalized service. Also, unlike many large assembly line companies, the client can speak to a lawyer if they have a question. Our team prides itself on responding promptly to all calls, emails and other requests from each of our clients on the same day or at the time requested by the client.
It depends on your needs, goals and objectives. A will and trust deed are estate planning tools, but serve different purposes. While they can work together or relate to each other in a general estate planning logic, a will and a trust deed remain very distinct documents with important differences. The most obvious difference between a trust and a will is that, if properly executed, a trust is effective because the settlor is alive. At the same time, the will only affects the death of a testator and the appropriate probate procedures. A certain type of will, called a “pour-over-will”, works at the same time as a fiduciary instrument related to it. If the settlor who created the trust did not transfer or transferred part of his or her ownership to the trust as he or she should have, a transfer will gives the rest of the property specifically to the trust and covers all the assets of the estate in the trust. This type of estate planning can be very beneficial.
If a person dies without a will, his or her property must be distributed and handed over in accordance with the intestate inheritance laws of the state in which the deceased lived permanently before his death. For example, in New York State, if a person who died without a will had a spouse and children, the spouse is entitled to a portion of the deceased`s estate. In such circumstances, the spouse receives $50,000 in property and half of the estate, while the children of the deceased have the other half divided between them. If the deceased had a spouse but no children, the spouse is entitled to the entire estate. If the deceased had no living children or spouses, his estate passes to his grandchildren. Without grandchildren, the estate of the deceased is distributed to his parents. If the deceased`s parents are not alive, the deceased`s property passes to the deceased`s siblings or their children. etc. Estate planning and estate planning are very different methods for getting the most out of your wealth in the future, although they complement each other and work together. Creating a will is an estate planning process, while estate planning can be done by creating a will and using other tools such as a power of attorney, trust, and health care power of attorney. Estate planning and intention planning are designed to give clear instructions to the court or your trustee about the nature of your assets. Distributed after your death, but estate planning can go even further by solving problems related to your health, finances, disability and living conditions.
Yes, absolutely! Probate would be a necessary and mandatory step if the deceased signed a will before his death. If there is a will, there will necessarily be probate proceedings in the surrogate court, even if the will is uncontested or appears at first glance clear and contains clear guidelines. The designated executor is ready immediately and can follow. Whether your will is poorly drafted and extracted from a website or a brilliant lawyer writes it, it is necessarily subject to probate proceedings! The cost of estate planning can vary depending on your needs, goals, financial situation and expertise. Therefore, your lawyer should evaluate these factors before setting a price for the preparation and execution of your estate planning documents. Morgan Legal Group P.C. attorneys offer a free initial consultation to accurately assess your needs and discuss the cost of your estate planning. Estate planning allows a person to determine who will benefit from their estate, who will receive a certain portion of their assets, and to what extent.
He claims to plan, organize and organize the distribution of his assets, while strategically ensuring that the estate does not incur taxes or other claims that could add to the estate on the day of death. In addition to avoiding disputes and imposing a tax burden, the primary goal of estate planning is to encourage individuals to anticipate and resolve potential risks or events that will undeniably occur. For example, death or illness. It`s a common misconception that not everyone has a heritage. Each person will have a set estate at the time of his death and composed of all the property he owns. This includes, for example, items such as a bank account, car, jewellery, real estate and other tangible or intangible assets. Our strength lies in our ability to work hand in hand with our customers and achieve our common goals together in a rapidly changing environment, whether it is your needs or your emergencies.